👬Trump Appoint Elon Musk To Lead DOGE

☀️Good morning. It's Wednesday, Nov. 13, and we're covering, Swiggy Shares Rise On Trading Debut After $1.4 Billion IPO, SoftBank To Build Powerful AI Supercomputer With Nvidia's New Blackwell Chips, Trump Appoint Elon Musk And Vivek Ramaswamy To Lead Government Efficiency Initiative, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.88 Trillion, a 4.23% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $310.31B, which makes a 1.24% decrease.

• The total volume in Defi is currently $14.88B, 4.80% of the total crypto market 24-hours.

• The volume of all stablecoins is now $282.01B, which is 90.88% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 59.79%, an increase of 0.87% over the day.

Dogecoin Soars 48%, Traders Eye $1 Price Target

Dogecoin (DOGE) has surged 48% in the past 24 hours, sparking renewed speculation that it could reach a $1 price target. The rally, which marks the token's highest price since May 2021, has resulted in over $68 million in liquidations of DOGE-tracked futures. The surge is attributed to increased interest, partly fueled by endorsements from Elon Musk, who has discussed a "Department of Government Efficiency" (D.O.G.E.), adding to Dogecoin’s visibility. Traders are now eyeing $1 as a potential milestone for DOGE, a target that has captured attention since the token's 2021 peak above 70 cents. (Read Deeper)

BUSINESS & FINANCE

Swiggy Shares Rise On Trading Debut After $1.4 Billion IPO

Swiggy, India's leading food and grocery delivery platform, surged 2.5% in their debut on the National Stock Exchange (NSE) on Wednesday following its $1.4 billion initial public offering (IPO). The stock opened at 420 rupees ($4.98), surpassing the issue price of 390 rupees, although it later pared some of its gains amid broader market declines fueled by concerns over rising inflation and the potential impact on interest rates.

Takeaway: Swiggy’s debut performance contrasts sharply with rival Zomato's 2021 listing, which saw its shares triple in value. Swiggy and Zomato together dominate India's food delivery market, with estimated market shares of 34% and 58%, respectively. However, while Zomato has already posted a profit for fiscal 2024, Swiggy has yet to achieve profitability, despite narrowing its annual losses. Swiggy's IPO, India's second-largest share sale of the year, was met with strong demand. (Read Deeper)

Spotify Exceeds Profit Forecasts, Predicts Strong Holiday Season Growth

Spotify has raised its fourth-quarter profit forecast, expecting 481 million euros in operating income, surpassing Wall Street estimates. The company also anticipates 665 million monthly active users and 260 million premium subscribers. Spotify’s stock rose 7% after the announcement. The company has focused on cost cuts, employee layoffs, and raising prices for premium subscriptions to boost profitability.

Takeaway: Spotify's third-quarter revenue of 3.99 billion euros rose by 19%, below the expected 4.02 billion euros, largely due to a slowdown in the digital advertising market and the impact of a strong dollar. The company projects Q4 revenue to be around 4.1 billion euros, missing the forecast of 4.26 billion euros. Gross profit for Q3 jumped by 40% to 1.24 billion euros, surpassing the 1.22 billion euros estimate, and the gross profit margin improved to 31.1% from 29.2% in the previous quarter. (Read Deeper)

TECHNOLOGY & SCIENCE

SoftBank To Build Powerful AI Supercomputer With Nvidia's New Blackwell Chips

SoftBank Group Corp. is partnering with Nvidia to build Japan’s most powerful AI supercomputer using Nvidia’s new Blackwell chips. The project, led by SoftBank’s telecom unit, aims to accelerate AI adoption across various Japanese industries and reduce reliance on traditional, less AI-compatible hardware. The Japanese government has historically been conservative in tech adoption, a stance that Son has critiqued.

Takeaway: Nvidia’s CEO Jensen Huang and SoftBank founder Masayoshi Son introduced the initiative at Nvidia’s Tokyo AI Summit, highlighting the goal of creating an “AI grid” throughout Japan to support advancements in remote robotics, autonomous vehicles, and energy efficiency. SoftBank’s shares rose 1.5% on the announcement, highlighting investor optimism about the company’s renewed AI push. (Read Deeper)

Perplexity AI Launches Sponsored Ads On It Platform

Perplexity AI, an AI-powered search engine, has started testing sponsored ads on its platform in the U.S., with brands like Indeed, Whole Foods, and Universal McCann participating. These ads, labeled as “sponsored follow-up questions,” are designed to appear alongside search answers without influencing the AI's responses. Perplexity cites the need for a sustainable revenue model, noting that subscriptions alone haven’t been sufficient for financial stability and revenue-sharing with publishers.

Why It Matters: The ad launch comes as Perplexity faces legal challenges from media companies like News Corp’s Dow Jones and The New York Times, which accuse it of closely replicating content. Although Perplexity has adjusted its citation practices and expanded its revenue-sharing, legal tensions remain. With over 100 million search queries per week, Perplexity aims to position its ads as a premium offering, but questions about the scale and effectiveness of this ad model linger. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Appoint Elon Musk And Vivek Ramaswamy To Lead Government Efficiency Initiative

President-elect Donald Trump has appointed Elon Musk and former presidential candidate Vivek Ramaswamy to co-lead the newly created Department of Government Efficiency. This entity, set to operate independently of formal government structures, aims to overhaul federal agencies, reduce regulations, and cut wasteful spending. The initiative is expected to conclude by July 4, 2026, marking the 250th anniversary of the Declaration of Independence.

Takeaway: Trump stated that Musk and Ramaswamy would guide the administration’s restructuring efforts without Senate confirmation, allowing Musk to retain his roles as head of Tesla, SpaceX, and X. Musk, who previously contributed millions to Trump’s campaign, is expected to gain influence in federal policy. The department's acronym, “DOGE,” hints at Musk’s promotion of the cryptocurrency dogecoin, which has surged in value since the election. (Read Deeper)

At Least 35 Killed In Deadly Car Rampage At Zhuhai Stadium

At least 35 people were killed and 45 others injured in a deadly car attack at a stadium in Zhuhai, southern China, on Monday. The attacker, 62-year-old Mr. Fan, crashed his vehicle into a group of people exercising at the Zhuhai Sports Center, reportedly driven by a personal grievance stemming from a divorce settlement. Many of the victims were elderly or children. Mr. Fan attempted to flee but was arrested after suffering self-inflicted injuries.

Takeaway: The incident has sparked national outrage, with President Xi Jinping promising severe punishment for the attacker and urging swift action to treat the wounded. The attack is considered one of the deadliest acts of public violence in China in recent decades. While details of the victims remain undisclosed, mourners have gathered at the stadium to pay respects. (Read Deeper)

ENTERTAINMENT & SPORTS

Netflix’s Mike Tyson vs. Jake Paul: A Game-Changer Or A One-Off?

Netflix is entering the live sports arena with the Jake Paul vs. Mike Tyson boxing match on November 15, marking its first official live sports broadcast. The event will be available to Netflix’s 283 million global subscribers without additional pay-per-view fees, offering a unique opportunity for boxing to reach a wide audience. Paul, a YouTube star-turned-boxer, will face Tyson, a legendary former champion. The match is expected to draw millions of viewers, with undercard bouts also featured. (Read Deeper)

Denzel Washington To Star In Black Panther 3

Denzel Washington has revealed that he will star in Black Panther 3 before retiring from acting. The 69-year-old actor, known for his two Academy Awards, is in talks with Ryan Coogler, the director of Black Panther and Black Panther: Wakanda Forever, for a role in the third installment of the franchise. Washington, who has had a storied career, shared that after this, he plans to play Othello at age 70, followed by the role of Hannibal, and eventually King Lear. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Why Is Gen Z So Poor? Gen Z, the generation born roughly between the late 1990s and early 2010s, faces unique financial challenges. Despite being highly educated and digitally savvy, economic circumstances and societal shifts have impacted their financial standing. (Listen)

EXTRA BREVITI

• Greg Brockman, co-founder of OpenAI, has returned to the company after a three-month leave of absence. He resumed his role as president and announced his return in an internal memo. (Read More)

• YouTube has launched a new feature that allows select creators in the U.S. to remix popular songs using AI-generated prompts. ( Read More )

• Millions of Nigerians are facing extreme hunger, worsened by devastating floods, rising food prices, and ongoing conflict. (Read More)